‘Good buying opportunity for Bitcoin?’ Analyst reveals long term plan you can follow
The cryptocurrency market has suffered quite a bit following the recent tension between Russia and Ukraine. Amidst this ongoing struggle, the crypto market cap lost almost $200 billion. However, at press time, the market did rebound. It was up by 7%. Nonetheless, uncertainty still prevailed. In fact, Bitcoin‘s long-time rival, Gold made impressive strides.
Bloomberg’s senior commodity strategist Mike McGlone shared his analysis concerning the king coin in an interview with Scott Melker, the host of Wolf of all Streets podcast. He highlighted that the traditional markets were overdue for a pretty significant correction. And, this has also been felt in the crypto market. Following the Russia-Ukraine news, both the equity and crypto markets took a heavy blow on 24 February.
Nonetheless, this could prove to be a ‘defining moment’ for the digital asset,’ McGlone asserted. Despite the risks, he believed, this dip was a “very good buying opportunity” for long-term investors who had left funds on the side. Commenting further, he noted,
“The key thing to point out here is cryptos and Bitcoin are still risk assets and they’re giving up back a lot of gains. I still think there is more pain there. I don’t think Bitcoin gets much below $30,000 its holding good resistance around $40,000.
I think this is ultimately going to be a very good buying opportunity for Bitcoin for longer-term traders. It’s going to be looked back upon in history as a defining moment.”
However, it’s interesting to note that at the back of Ukraine’s conflict one asset was a clear winner.
Gold moved up the charts while most of the other assets were losing value. In fact, the price of gold climbed to a 13-month high on 24 February.
Source: Bloomberg
Gold here was a clear
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